If Philip's utility function isU=4 (41) 05+42.0.5what are his demand functions for the two goods? Let the price of q, be p,, let the price of q, be p2, and let income be Y.Philip's demand for q, as a function of p, and p, is91and his demand for good q, is(Properly format your expressions using the tools in the palette. Hover over tools to see keyboard shortcuts. Eg, a subscript o

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If Philip's utility function is U=4 (41)05+42 what are his demand functions for the two goods? Let the price of q, be p,, let the price of a, be p2, and let income be Y. Philip's demand for q, as a function of p, and p, is and his demand for good q, is 92 = %3D (Properly format your expressions using the tools in the palette. Hover over tools to see keyboard shortcuts. E.g., a subscripto

If Philip's utility function is U=4 (41)05+42 what are his demand functions for the two goods? Let the price of q, be p,, let the price of a, be p2, and let income be Y. Philip's demand for q, as a function of p, and p, is and his demand for good q, is 92 = %3D (Properly format your expressions using the tools in the palette. Hover over tools to see keyboard shortcuts. E.g., a subscripto

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Suppose your utility for goods x1 and x2 is represented by the following utility function: U(x1,x2)= x11/5 x24/5 a) What is your marginal rate of substitution, MRS12? b) If the price for good x1 is p1 = 2, the price for good x2 is p2 = 4, and your available income is m = 20, write down your budget constraint. c) Using the prices and income given at b) above, find your optimal consumption choice bundle (Marshallian demand) and its corresponding utility level. d) Illustrate your optimal consumption choice on a graph. e) For the prices given in b), what income would you need to achieve a utility level of 25? PLEASE ONLY ANSWER PART C, D AND E
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